Hero MotoCorp to ride solo by phasing out models made during Hero Honda days

The company is looking at introducing new models developed with its own technologyET Bureau | July 15, 2016, 09:43 IST

Hero MotoCorp, the country's largest two-wheeler maker, will phase out its Maestro, Impulse, Ignito and Passion XPro — the models it had acquired under a licensing agreement with former partner Honda — by the end of the current fiscal, according to Pawan Munjal, the company’s chief executive officer.

The company is looking at replacing its existing products as well as introducing new ones developed with its own technology. On Thursday, it launched its first in-house designed and developed motorcycle, Splendor iSmart 110, which carries a Delhi ex-showroom price-tag of Rs 53,300.

“With the launch of the all-new Splendor iSmart 110, we have achieved yet another significant milestone in our solo journey,” said Munjal. “I can proudly state that Hero MotoCorp possesses self-sufficient in-house capability to develop new products for our global customers.”

The new Splendor iSmart, built on a new chassis and frame and carrying a new engine, has been developed at the company's Centre of Innovation (CIT) in Jaipur for the Indian and overseas market. Currently, the Splendor iSmart is exported to 11countries.

Hero MotoCorp, however, is facing some heat in its global ambitions, given the uncertain economic conditions in Africa, Latin and Central America. The company is reviewing the targets it had set for 2020.

By 2020, the company plans to enter 50 new markets, have 20 manufacturing facilities across the globe, and have an annual turnover of Rs 60,000 crore. “The first two-three years have been challenging, given that most of the countries we export to are oil-dependent economies. Currency depreciation and high inflation have impacted the size of the market,” Munjal said.